Features

Active rig counts stable in US, decline in Canada
Written by Brett Linton
March 28, 2025
US oil and gas drilling activity remained relatively steady this week, while Canadian operations declined, according to Baker Hughes. US rig counts remain slightly above multi-year lows, while Canadian activity is slowing following a seasonal peak.
US rig counts have held between 592-593 for over a month, hovering just above the three-year low of 576 rigs recorded in late January. US drilling activity has remained at reduced levels since June 2024.
Canadian counts fell to 163 rigs this week. Recall that in late January, Canadian activity peaked at a near seven-year high. Historically, Canadian drilling activity spikes in January and February, then declines through April as thawing ground conditions and melting snow limit access to roads and drilling sites.

The international rig count is a monthly measure that is updated at the beginning of each month. This February count was 905 rigs, in line with January levels and 53 fewer than the same month last year. This count should be updated next week.

The Baker Hughes rig count is significant for the steel industry because it is a leading indicator of oil country tubular goods (OCTG) demand, a key end market for steel sheet.
For a history of the US and Canadian rig counts, visit the rig count page on our website.

Brett Linton
Read more from Brett LintonLatest in Features

Join SMU and AMU for a Community Chat with Wiley on Trump, Trade, and Tariffs
Want to know the latest on Trump, tariffs, and trade policy - and the impact on both steel and aluminum? Then join SMU, AMU, and leading law firm Wiley for a Community Chat on Thursday, Nov. 13, at 11 am ET.

Final Thoughts: Survey says edition
It's can-kicking at its finest. And it’s been drawn out! Some are getting so good at it, they’re kicking cans and taking names.

Final Thoughts
We just wrapped up another Steel 101 workshop, easily the most hands-on industry workshop on steelmaking and market fundamentals.

Leibowitz: Renewed trade war with China over rare earths
On Oct.10, President Trump announced major increases in tariffs on Chinese goods. The trigger was a new regime of export controls on rare earth metals and products using those elements, including magnets, capital equipment, and catalysts for catalytic converters in cars and trucks.

CRU: Soft demand weighs on sheet imports into the US
US domestic sheet prices have remained rangebound in recent weeks as supply tightness met weak demand. Demand for steel produced in the US increased among some Mexican industrial buyers....